Millbrook Business Finance has conducted a survey with hundreds of SMEs, which has shed new light on what’s causing concern and what help could make the most difference with access to affordable finance being a notable issue.
When asked what is the single biggest challenge facing their business right now, 35% said access to affordable finance, 14% highlighted rising operational costs, and the same percentage noted economic uncertainty.
13% cited late payments, 11% pointed to high taxes, 7% identified staff recruitment or retention, and 6% mentioned government regulation.
When asked which area would provide the greatest benefit to their business right now, 38% also said easier access to finance.
29% flagged lower operational costs, 16% want faster payments from clients, 11% would benefit from more skilled staff, and 6% said clearer guidance on regulations.
Justin Amos, managing director of Millbrook Business Finance, said: “These figures speak plainly. Finance is the top concern. SMEs want support in two areas: keeping cash flowing in through faster payments and securing affordable borrowing.
“Costs come next. Almost 30% of businesses say reducing operational costs would bring the greatest benefit. Add economic uncertainty to that, and it’s no surprise firms are cautious about investment, hiring and planning.
“Labour shortages and tax pressures matter, but they are not as urgent as funding, cost and cash flow. Since we set up Millbrook five years ago, we’ve helped hundreds of businesses tackle such issues and obtain the funding they needed to achieve their aims.
“The focus should be clear: Finance providers should simplify loan terms, speed up approvals and offer fairer rates. Business leaders should improve invoicing discipline, chase payments on time, review contracts, and consider early-payment incentives. Policymakers should provide stable regulation, targeted tax relief and practical help on rising costs such as energy and rent.
“SMEs are asking for practical, workable measures and not promises.”
